Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,125/mo
Lowest payment- Down payment
- $257,512
- Funds due
- $271,718
- Interest + MI left
- $118,834
- First ends
- Feb 2051
Assumption
Assumption + second
$3,558/mo
+$1,433/mo- Down payment
- $57,512
- Funds due
- $73,010
- Interest + MI left
- $434,651
- First ends
- Feb 2051
New loan
New conventional
$4,312/mo
+$2,187/mo- Down payment
- $57,512
- Funds due
- $68,843
- Interest + MI left
- $784,805
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,488 | $317,488 | $517,488 |
| Second mortgage | — | $200,000 | — |
| First P&I | $1,499.39 | $1,499.39 | $3,582.98 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | — | — | $103.50 |
| Taxes, insurance & HOA | $625.50 | $625.50 | $625.50 |
| Total housing payment | $2,124.89 | $3,557.71 | $4,311.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,512
Closing costs & prepaids$15,499
Usable credit−$0
Total buyer cash needed$73,010
Earnest money paid−$0
Remaining funds due$73,010
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,587.44
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,376.50
Prepaid interest, first (1 days)$24.09
Prepaid interest, second (1 days)$42.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 3 moOf the original 30-year loan at 2.770%
Interest already paid$54,617Through Nov 2026
Assumption only · ends Feb 2051$118,834
Assumption + second · ends Feb 2051, second Dec 2056$434,651
New conventional · ends Dec 2056$784,805